Morning Express

E-mini S&P (March)

Yesterday’s close: Settled at 3278.25, up 38.75

Fundamentals: U.S benchmarks are set to open higher and pare all of this week’s losses. Our cautiously optimistic or slightly Bullish Bias is playing out very well, but this certainly does not mean close your eyes and get long leverage ahead of the Federal Reserve’s policy meeting at 1:00 pm CT. In fact, this pre-Fed ramp after strong Apple earnings is a perfect opportunity to capitalize on such a trade. Given recent manufacturing data and mounting uncertainties as to the impact of the Coronavirus on an already vulnerable global growth landscape, we expect the Fed to stay nothing but patient and potentially point to caution; a narrative now being priced in and one that ironically supports the marke